Reverse mortgages require no payments until the applicants leave the home. You do have to pay the home maintenance costs, property taxes and home insurance. If you don’t, your reverse mortgage could be called in.
A Seniors HELOC allows you to borrow more money, as long as you have sufficient credit remaining. You can use this available credit to pay the HELOC if needed.
If you can’t pay your Seniors Mortgage (or Seniors HELOC if you have one), we might be able to help, assuming you have enough equity. Otherwise, the lender could foreclose on your home.